Scenario 2 Seashell Company and Blueberry Company The following draft statement of the Financial Position of Seashell Company and its subsidiary Blueberry Company as of 31st December 2023 are given below: Seashell Company Blueberry Company Assets 'OMR' 'OMR' Non-current assets Tangible assets 580,000 180,000 Investments: Blueberry Company 220,000 Current assets Inventories 219,600 15,600 Trade receivables 290,400 140,700 Cash and cash equivalents 60,000 75,450 Total Assets 1,370,000 411,750 Equity and liabilities Share capital: Ordinary OMR 1 shares 850,000 160,000 Share premium 18,750 Retained earnings 96,000 80,000 Non-current liabilities: Loan 79,000 60,000 Current liabilities Trade and other payables 345,000 93,000 1,370,000 411,750 Total Equity & Liabilities Additional information: 1. Seashell Company acquired 120,000 shares in Blueberry Company on 1st Jan 2023 for a cost of OMR 220,000 when the retained earnings of Blueberry Company were OMR 32,000. The fair value of the non-controlling interest in Blueberry Company at the date of acquisition was OMR 41,500. 2. At the date of acquisition, the fair value of the net assets of Blueberry Company approximated their carrying amounts, except for a plot of land owned by Blueberry Company. This land was held in the financial statements of Blueberry Company at its cost of OMR 60,000 but was estimated to have a fair value of OMR 90,000. This land is still owned by Blueberry Company on 31st December 2023. 3. On 31 December 2023 Blueberry Company sold goods to Seashell Company for OMR 30,000 at a margin of 20%. One- quarter of these goods were still unsold by Seashell Company at the end of the year. 4. On 31st Dec 2023, Seashell Company owed Blueberry Company OMR 18,000 for goods bought, and this debt is included in the trade payables of Seashell Company and the trade receivable of Blueberry Company. Scenario 2 Question You are required to: Prepare a consolidated statement of the financial position as at 31 December 2023 of Seashell Company. (Provide Reference to IFRS wherever applicable, relevant workings).